Research On Financing Efficiency And Influencing Factors Of Advanced Equipment Manufacturing Listed Companies

The advanced equipment manufacturing industry has the characteristics of high technology content and high added value.It is an important engine to promote the transformation and upgrading of my country’s industrial sector.In recent years,the state has been facilitating the development of strategic emerging industries and the upgrading of the manufacturing industry,and relevant support policies have been implemented."Made in China 2025" proposes to speed up the independent research and development of core and key technologies of China’s advanced equipment manufacturing industry.The development of any listed company is inseparable from financial assistance.Funds are vital in the development of listed companies,and financing is an important way for listed companies to obtain funds.Therefore,realizing efficient financing fund raising and financing fund allocation and improving overall financing efficiency are of positive significance for the development of advanced equipment manufacturing listed companies.In this context,the sample research objects in this work are 42 advanced equipment manufacturing listed companies.Combined with the literature and the actual situation of listed companies in advanced equipment manufacturing,this thesis selects three input indicators of total operating cost,property right ratio,and total assets,two intermediate indicators of total debt financing and total equity financing,and three output indicators of operating income,net profit,and intangible assets.This thesis selects the two-stage network DEA model to measure the financing efficiency of listed companies of advanced equipment manufacturing over the six years from 2015 to 2020,and analyzes them from three aspects: the overall financing efficiency,the efficiency of fund raising in the first stage,and the efficiency of capital allocation in the second stage.Based on the above analysis,it can be seen that the overall financing efficiency of listed advanced equipment manufacturing companies is low,the number of listed advanced equipment manufacturing companies that have achieved effective financing is small,and the efficiency of the capital allocation stage is low,which are the main reasons for lowering the overall financing efficiency,and the two-stage efficiency is polarized.In this regard,this thesis combines the analysis of the factors affecting the financing efficiency of advanced equipment manufacturing listed companies,and puts forward the following countermeasures and suggestions: advanced equipment manufacturing companies should pay attention to changes in macro policies,improve the management system,optimize the financing structure,cultivate the core competitiveness,improve profitability,and expand the scale of the companies.